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Asymmetric monetary policy: empirical evidence for Italy

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A growing body of empirical work has examined the potential asymmetry in the effects of monetary policy on United States real activity. This study looks for such an empirical evidence for Italy in the period 1982–1998. Monetary shocks are obtained as residuals from a central bank reaction function where the three-months interbank rate is taken as the indicator of the monetary policy stance. The effects of these positive and negative shocks on output are statistically different from zero and the null of symmetry between the two is rejected in favour of negative shocks having a greater impact on real output growth, thus confirming an asymmetric effect of monetary policy even for Italy.

Document Type: Research Article


Affiliations: DIG, Politecnico di Milano, via Giuseppe Colombo, 40, 20133 Milano, Italy, Email:

Publication date: April 20, 2005

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